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Grow a biz in tough times: 6 tips

Q: I'm worried about losing big clients nowadays. My solution is to try and grow our business as a hedge against worse times, but how can we grow when everyone else seems to be cutting back? - Joseph

A: Your question reminds me of a chat I recently had with Tony Little. You probably have seen Tony on TV—you know, the pony-tailed guy on Home Shopping Network who pitches exercise equipment.

Tony's is a real rags- to- riches tale, having been seriously injured in two major automobile accidents, forcing him to, among other things, drop out of the Mr. America contest.

Despite the setbacks, and with no TV experience, Tony recuperated and decided he wanted to host a televised get-in-shape show. Undaunted by naysayers, he figured out a way to get startup financing and get his show on the air. It became an immediate hit.

Tony's motto? “There is always a way to the next level.” It's a good lesson to remember.

Here are six tips for growing your business, even in bad times:

1. Look for bigger, better customers and clients: As the saying goes, if you do what you have always done, you will get what you have always got.

You have to mix it up!

You can begin this by targeting better customers – those who have a need and the wherewithal to buy more. There are a few ways to find that much-desired client:

• Use the 80-20 Rule: If 80 % of your business comes from 20 % of your customers, analyze your 20 %. What do they have in common? What other businesses out there are similar?


• Check out BusinessMatchmaking.com: Business Matchmaking is a favorite program of mine, matching government agencies and large corporations looking to buy from small business with small businesses looking to sell. These day-long events are sort of like speed dating for business.


• Search: Do an online search of your desired type of business and go for it.

One note of caution: You usually need top-notch marketing materials to attract better customers. Easy to create, affordable, and great-looking marketing materials can make a big difference.

2. Grow online: I've said it before and I'll say it again – the computer / Internet / globalization revolution is the biggest change to happen to small business, ever, in all of history.

For 5,000 years, small business sold their wares to people in their area only. That changed only 10 years ago. Now any small business can be a global player.

If you are not taking advantage of this incredible opportunity, it is time to get with it. There may be a recession here in the States, but there is not in many other places around the globe.

Another note of caution: To attract global customers, you simply have to have a professional, attractive website. The good news: Getting one can be free!

3. Try unconventional marketing: Many small business people fall into the trap of finding a marketing program that works, and then running it into the ground. But new ideas can yield new results, new customers, and unexpected profit centers.

Whatever you are doing, try something else too. Market online, or market offline. Try flyers, an overnight radio spot or an inflatable sign. Try public relations and get a story written about your business. Mix it up.

4. Network – virtually and physically: My marketing guru keeps telling me that I have to get in on the social networking craze in a far bigger way. I'm listening, reluctantly, but I am listening. Why? Because I know that networking makes a difference. It can lead to new leads. If that happens online now, so be it.

5. Add a new product or service: The whole idea with all of these ideas is that by doing something out of the ordinary, new people who begin to notice your business.

One way to do that is by offering new services and products.

An added bonus is that your new profit center will also lead to more sales with your current base, so it is really a win-win.

6. Learn something new: Especially online, there are no shortage of courses, Webinars, and ideas from a wide variety of coaches, all of whom want to teach you how to grow your business. Not all are great, but many are. A personal favorite is the Microsoft Small Business Summit. You can find 50 excellent webinars on our Small Business homepage.

As Tony Little says, there's always a way to get to the next level.